Cash inflows for property buys soar

Inflows of money from abroad for the acquisition of properties in Greece jumped 51.7 percent in the first four months of the year compared to 2016, Bank of Greece data show.

It is estimated that 135 million euros arrived from abroad in January-April 2017 to be invested in the local property market. The total for the whole of 2016 came to 270 million euros, up 45 percent from the previous year.

The increase in tourism flows is increasingly mirrored in the growth in property investments by foreigners. According to real estate professionals, this not only concerns holiday home acquisitions, but also apartments in Attica with a dual purpose: both for the owners to vacation in Greece and to earn an income through short-term leases.

A considerable share of buyers comprise non-European Union citizens, mainly from China, Russia and Turkey, who wish to buy properties costing at least 250,000 euros to obtain a Golden Visa, which will get their family a five-year residence permit.

In fact agents report that third-country buyers are seeking out and buying multiple apartments at low prices across Attica to reach the threshold of 250,000 euros and then offering them for short-term lease on platforms such as Airbnb and HomeAway.